May 2018 Q5 a.

The following information relates to product Jupiter, produced by Bfield Ltd during January. This represents the information that remains after a fire in the premises destroyed most of the accounting records.

Variances                                    GH¢
Selling price                            50,000 A
Materials price                        28,500 F
Materials usage                       7,500 A
Labour rate                             18,700 F
Labour efficiency                   20,400 A

Actual data
Sales (25,000 units at GH¢10)                            250,000
Materials costs (112,500 kg at GH¢1.20)           135,000
Labour costs (75,000 hrs. at GH¢1.9)                 142,500

There was no opening or closing inventories

Required:
Calculate the following;
i) Standard selling price per unit;                                                                                     (3 marks)

ii) Standard cost of material per kilogram;                                                                      (3 marks)

iii) Standard kilograms of materials required per unit;                                                    (2 marks)

iv) Standard labour rate per hour;                                                                                    (2 marks)

v) Standard hours of labour required per unit.                                                                 (2 marks)